Automotive & Transportation / Automotive Audio Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions And By Key Players: Panasonic, Harman, Continental, Pioneer
Automotive Audio Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Panasonic, Harman, Continental, Pioneer
Registering a CAGR of 4.1% over the forecast period of 2021-2027, the global automotive audio market size is anticipated to reach the market value of US$ 2975.5 million in the year 2027 from US$ 2247 million in the year 2022.
Automotive Audio Market Overview
The main function of automotive audio is to provide passengers in passenger automobiles with in-vehicle entertainment. Advanced technological features are built into the latest vehicle speaker systems, enhancing the overall passenger in-car entertainment experience. The expansion of the vehicle audio market is fueled by increased demand for aftermarket sound systems and components. To meet rising demand and gain a larger part of the market, major firms are expanding their aftermarket distribution channels. Changing consumer lifestyles and a shift in customer preference for using onboard infotainment systems in ride-sharing services are projected to open up new business opportunities. When it came to listening to music while travelling, consumers preferred onboard entertainment systems in public transit, which increased demand for automotive speakers. The increased acceptance of technologically improved audio-visual systems will enhance product penetration.
Automotive Audio Market Latest Trends
IoT (Internet of Things) has been widely employed by car audio firms to monitor and maintain fleets in recent years. Sensors and controllers are used in IoT to collect and transport data. Users can access a variety of online or cloud-based material through infotainment systems.
The use of data and digital technologies to produce money or transform business operations, with digital information at the centre of the process, is referred to as digitization. It's a huge market since it's happening at the same time as other seismic shifts like autonomous driving, electrification, and shared mobility.
Automotive Audio Market Growth Factors
Growing Demand For Premium Audio Systems Is Anticipated To Drive Market Growth: The rising traffic congestion, especially in metro cities, directly increases the number of hours spent in cars, increasing the use of audio systems in automobiles.
Innovations in Wireless Audio Technology Are Expected To Fuel Market Growth: Wireless technology has made successful inclusion across all the product segments of consumer electronics and the audio technology industry. Demand for a superior driving experience with advanced voice-controlled assistants such as Siri and Cortana while driving fuels the market for a voice-recognized car stereo system.
Who are the Major Players in the Automotive Audio market?
The global Automotive Audio market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes: Panasonic, Harman, Continental, Pioneer, Visteon, Clarion, Fujitsu Ten, Delphi, MOBIS, BOSE, Alpine and others.
Recent Developments:
February 10, 2022: New Acoustic Innovations from HARMAN Bring the Whole Family Together with Easy to Use, Integrated and Upgradable In-Vehicle Experiences--
HARMAN, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies and solutions for automotive, consumer and enterprise markets, today announced two new acoustic innovations, Ready Together and Software Enabled Branded Audio, during the HARMAN EXPLORE 2022 event.
December 14, 2020: Panasonic Automotive Launches New Podcast Series on The Future of Audio and Sound Innovation--
Panasonic Automotive Systems Company of America will release the first episode of The Panasonic Sound Experience, a new four-episode podcast that reveals the emerging innovations of immersive sound design in vehicles, and what it takes to build the perfect audio system.
What are the major Applications, Types and Regions for Automotive Audio Market?
By Type, Automotive Audio Market has been segmented into:
Speaker
Head Unit (including Audio Visuals)
Amplifier
Others
By Application, Automotive Audio Market has been segmented into:
Passenger Cars
Commercial Cars
By Technology, Automotive Audio Market has been segmented into:
Voice Recognized
Non-Voice Recognized
Automotive Audio Market Segments Analysis
During the forecast period, the CAGR for the speaker segment is expected to be the highest. In car stereo systems, the speaker is critical.
During the forecast period, the segment of voice-recognized audio systems is expected to grow at the fastest rate. The increasing demand for a superior driving experience with advanced voice-controlled assistants is a factor contributing to the segment's growth.
Automotive Audio Market Regional Analysis:
The Asia Pacific automotive audio industry is expected to be worth USD 4.94 billion by 2020. It has the biggest market share at the moment. Due to their large populations and strong passenger car sales, China and India have tremendous demand for such products. Increased urbanisation and greater disposable income have led to a shift in individual tastes, which has resulted in this expansion. Increased car manufacturing is driving growth in India, South Korea, and China's automotive industries. India produced 4,516,017 automobiles in 2019, of which 3,623,335 were cars. Furthermore, China was the world's largest vehicle manufacturer in 2019, producing 25,720,665 vehicles, 21,360,193 of which were automobiles. The inclusion of a competitive automotive sector, as well as an expanding range of car manufacturers, are the primary factors driving the growth of the industry.
Europe is expected to lead the global business as a result of consumers preferring enhanced car stereos over factory-fitted audio systems. The size of the car fleet in the United Kingdom climbed by 1.5 percent in the first quarter of 2021, according to a BVRLA market research poll, following three quarters of decline. Although North America is the third-largest area in the market, it is expected to have the highest CAGR over the forecast period. The United States is ranked first in this region since it is home to major vehicle stereo manufacturers. The fleet market in the United States is currently operating in a low-inflation, low-interest environment that complies with the country's economic rules, needing major OEM investment.
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Key Takeaways from this Report
Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
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Get a quick outlook on the market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
Frequently Asked Questions
What is the growth rate of Automotive Audio Market?
The Automotive Audio Market is growing at a CAGR of 4.1% over the next 5 years.
Who are the key players in Automotive Audio Market?
What are the significant types of Automotive Audio Market?
Speaker, Head Unit (including Audio Visuals), Amplifier, Others
What are the major applications of Automotive Audio Market?
Passenger Cars, Commercial Cars
On the basis of type, Which segment is likely to hold the major share in the Automotive Audio Market?
Speaker segment to hold the largest share in Automotive Audio market.
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SECONDARY RESEARCH Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
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REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
